On June 1, 2020, Tata Power Limited, an Indian electric utility company, has acquired 51% stake in TP Central Odisha Distribution Ltd (TPCODL), a wholly-owned subsidiary of Grid Corporation of Odisha (GRIDCO), for a consideration of Rs 178.5 crore. The remaining 49 % stake in TPCODL will be held by GRIDCO.
Tata Power’s management after the acquisition:
- Following the transaction, Tata Power to take over the business of Central Electricity Supply Utility of Odisha (CESU) carried out in 5 cities (Bhubaneswar, Cuttack, Puri, Paradeep and Dhenkanal) in Odisha from TPCODL for a period of 25 years.
- Tata Power will have a priority to improve reliability, reduce AT&C (Aggregated technical and commercial) losses and offer excellent customer service & will retain all the current employees of CESU and will govern them by their existing policy structure.
About Tata Power Limited:
Headquarters– Mumbai, Maharashtra
CEO & MD- Praveer Sinha
About Grid Corporation of Odisha (GRIDCO):
Headquarters– Bhubaneswar, Odisha
Chairman-cum-Managing Director– Dr. Saurabh Garg